The Baltic Exchange's main sea freight index extended losses to a sixth straight session on Tuesday to touch a fresh 2-1/2-year low, dragged down by a dip in capesize and panamax rates.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 19 points, or about 2.6%, to 721, its lowest since early-June 2020.The capesize index lost 50 points, or 6.
Equatorial Marine Fuel Management Services Pte Ltd rose one spot to become the top marine fuel supplier at world's largest bunkering hub Singapore in 2022, official data showed on Monday.Equatorial overtook PetroChina International Singapore Pte Ltd, who dipped from its top ranking in 2021 to second spot in 2022
Ask anyone working in the shipyard business, and they’ll tell you balancing yacht, commercial and government vessel repair work concurrently is no easy task. Add a bit of new construction to the mix, and you’ve got Marine Group Boat Works (MGBW), a Chula Vista, Calif. shipyard that has seemingly mastered the balancing act.
A tanker of U.S. sour crude was delivered at Germany's port of Rostock last week for the first time ever, according to sources, analysts and vessel tracking data, as local refiners test alternatives to Russian oil.The European Union plans an almost-complete embargo of Russian barrels by year-end, and is trying to wean itself off Russian crude imports, which have fed inland refineries in Germany
Shipping group Maersk, often seen as a barometer for global trade, on Tuesday cautioned the container market may normalize in the second half of the year, even as it raised full-year guidance driven by high container freight rates.The shipping industry has seen record profits in recent quarters as a surge in consumer demand, pandemic-related bottlenecks in U.S.
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for the fifth straight week on Friday, pressured by weaker rates across vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 19 points, or about 3%, to 621, its lowest since mid-June 2020.
Another woeful week of declining sentiments has left all of the major global ship-recycling markets on edge as the industry approaches the summer / monsoon months in the sub-continent. Moreover, it seems doubtful (at present) that any more noteworthy deals will likely be concluded, especially with the industry in such a state of disarray.
It has been a woeful week across all of the major ship recycling markets, with some tumultuous declines leading to minimal interest and offers on any available tonnage.It increasingly seems as though it may be a much softer summer given prevailing sentiments, especially as prices ease back towards the (still impressive) $650s/LDT mark.
Sub-continent markets have taken a turn for the worse this week, as collapsing steel prices in India and Eid holidays in Pakistan, Bangladesh, and Turkey have led to depressed sentiments and virtually no new offers emanating on any available tonnage.Most end users now want to wait-and watch-market developments before offering anew on vessels at far lower levels that seem more in line with the
As holidays descended across much of the sub-continent over the last week, activity and sales logically slowed as the recycling industry enjoyed a bit of a breather.Certainly, the recently ebullient Bangladeshi market has fallen out of contention over this past month, as domestic sentiments and pricing endured a sustained dip, despite having led the industry for much of this year.
Another promising week passed in the sub-continent markets this week, with resurgent Pakistani and Bangladeshi (in particular) markets putting down some show stopping numbers on available units.GMS reports haveing seen several Capes sold for HKC recycling in the mid USD 600s/LDT in recent weeks, especially as chartering rates in this sector have taken a bit of a dip.
Long-term contracted ocean freight rates fell 3.6% in January, according to the latest Xeneta Shipping Index (XSI) Public Indices, the second consecutive monthly rates decline following 14 straight months of increases. Despite the recent stumble, contracted rates stand 98.1% up year-on-year.